What comes to your mind when someone brings out the topic of marketing?
Scary web data analytics?
Creative people discussing ideas in boardroom meetings?
Talking about revenues, pricing, advertising?
Well, to be honest, we marketers do all the above mentioned chores.
And, we don’t blame anyone. Marketing is tough. There are multiple roles and it can be overwhelming for an onlooker or even a newbie.
There’s no one strategy that fits all.
Since the time of advent of marketing(late 18th centaury), marketing has evolved into too many types. It has become complex and ever changing.
In this article, we are going to talk about every kind of marketing that exists in this universe. Don’t confuse it with marketing mix. Most of the people make this mistake. Marketing strategies are the game-plans to achieve your marketing roles.
What is marketing strategy?
Marketing strategy is how a business/individual collaborates with its customers. This strategy is in benefit of the company’s products.
Marketing strategies are used by businesses to promote their products and services.
So, we can say that marketing is intertwined with Branding. At least now, branding is one of the top-most marketing practice.
4 Types Of Marketing Plans And Strategies
- Market Penetration Strategy.
- Market Development Strategy.
- Product Development Strategy.
- Diversification Strategy.
In this article we are going to briefly discuss various types of marketing plans & strategies.
So, without further ado, Let’s get started:
Word of Mouth Marketing
Word of mouth marketing is probably the oldest marketing strategy. It is also known as Viva voce. By the name we can understand that it uses oral communication as the mode of marketing. When someone tells you about a laptop they bought and how wonderful it works, it creates an itch within you to have something as wonderful as that laptop.
How did you start watching Game of Thrones?
I am pretty sure one of your friends recommended you the show. I personally encountered the persuasion of my friends to watch a certain show. The Vampire Diaries, F.R.I.E.N.D.S., Gossip Girls became popular with the help of the very same strategy.
Word of mouth marketing is very credible and it works most of the time. People like to buy products recommended by their friends. The psychology behind that is the basic desire of human being to belong.
If there is an organic discussion about a brand, product, event or organization, it makes the buying decision easier for the consumer.
Product reviews are one of the best tools to implement word of mouth (WOM) on your own website.
Modern word of mouth marketing describes both targeted efforts and naturally occurring instances where users share their satisfaction with a brand
Word-of-mouth is powerful, trusted, and cheap.
Also called online marketing, internet marketing is the process of promoting a business or brand and its products or services over the internet
These can include a variety of online platforms, tools, and content delivery systems, such as social media, web content, email marketing, ads etc.
Here are some of the examples of Internet marketing:
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- Pay Per Click or Pay Per Call (PPC)
- Content Marketing.
- Social media marketing.
- Email marketing.
- Influencer marketing.
- Affiliate Marketing
Out of all these internet marketing strategies, SEO and PPC work extremely well together.
A mixture of social media platforms can bring you great visibility on search engine and among your targeted audience.
Facebook is a great place to have a brand presence. Next to Facebook are Instagram, YouTube, Twitter & Tiktok.
Having presence on a professional space like LinkedIn is also important.
Internet marketing is vast like an ocean and I want to share a lot of my insights on it with my 4 years of experience in this field. I’ll create a brand new article on internet marketing very soon.
As I said before, creating a brand identity and awareness has became the very own essence of marketing. Brand marketing is how you showcase yourself and how you want to be perceived as a business.
When we think about Coco-cola, happiness comes as the core theme of their brand in consumer’s mind.
When you think about Apple, you think about their overwhelming presence and aura aka Buzz.
Anyone, from an organization to an individual needs some sort of branding. It gives you something to believe in & something to stand behind.
There are three types of brand marketing:
- A corporation or company brand.
- A product brand.
- A personal brand.
Branding gives a human front to an organization.
Outbound marketing refers to any kind of marketing where a company initiates the conversation and sends its message out to an audience. Outbound marketing.
Specially for the beginners, outbound marketing is a way to say Hi to your potential customers. Think of it as an ice-breaker.
When you are in a party, even if you are wearing the best attire & you are looking dapper, you gotta outreach people to start a conversation.
If you are going to stand in a dark corner, nobody is going to notice you. You are just killing your chances to know more people.
Similarly, if you want to grow your marketing reach and create greater marketing velocity, you’ll need use your content assets to go find even more of the right customer.
Some people claim that outbound marketing is a dead strategy. However, it is an effective and efficient way to generate leads for your business when done correctly.
Let’s continue the example of the party-scene.
You are at a party. You decided to Hey! whassup people. And, the conversation started going easy. One of the person asks you about your profession but you don’t tell him.
How does that sound?
I wouldn’t talk to such person, tbh.
But what if you not only tell that person about your profession, but also tell great workplace stories to the whole group. Now, you might exchange numbers with them. Some of these might actually add you on social media.
This is the modus operandi of inbound marketing. You tell people about you when they ask.
Inbound marketing is a business methodology that attracts customers by creating valuable content and experiences tailored to them. It focuses on creating reasons for the customer to come to you, rather than outwardly pushing a brand, product or service.
In simple terms, is the process of helping potential customers find your company. This frequently happens before the customer is even ready to make a purchase, but making contact early can turn into brand preference and, ultimately, leads and revenue.
Cause Marketing is defined as a type of Corporate Social Responsibility (CSR) in which a company’s promotional campaign has the dual purpose of increasing profitability while bettering society.
EBY by Sofia Vergara is one of the examples of cause marketing I can think of right at this moment.
It’s a womens’ underwear brand. But, how does an undies’ brand do cause marketing?
Well, the answer is on their about page. And, I know about it because I saw the full episode of The Ellen’s Show.
10% of EBY’s new sales empower women through microfinance: small loans to start their own business.
Isn’t it cool?
Consumers love, and tend to be more loyal to, businesses whose values align with their own. I feel a personal connect with the businesses doing good for animals & women.
It’s a win-win when you can support a cause and boost sales.
It is a form of viral marketing. Guerrilla marketing thrives on original thinking and creativity. It is a strategy in which a company uses surprise and/or unconventional interactions in order to promote a product or service. It is a type of publicity.
Here are some Jaw dropping examples of guerrilla marketing.
I personally follow Guerrilla marketing techniques very closely and I am guilty of buying products after seeing such bold marketing initiatives.
Buzz marketing is another viral marketing technique that is focused on leveraging word-of-mouth marketing to work in your favor, creating something interesting or useful enough that you get people talking about it and sharing it on their own
Buzz marketing is all about trying to maximize the word-of-mouth potential of a particular campaign or product, whether that is through conversations among consumers’ family and friends or larger scale discussions on social media platforms.
Example? I am glad you asked.
Apple is one of the brands who spearheaded buzz marketing. Apple might be going in loggerheads with brands like Samsung for consumer attention.
They don’t try to compete on price, and they don’t have to.
Their marketing is hands on the best and a case study for aspiring marketeers.
Being a case study is the best compliment any brand strategy can receive.
This strategy is so subtle that you can’t escape falling prey for it.
Whenever a new product is launching, you are anticipating it. You keep checking on web about it.
You want to know how this product is going to deliver the promise it made.
You have no doubt about the quality of the product. No jargon or explanations that could be confusing. Just a simplistic solution & eye-pleasing advertisement.
People keep gushing over it. Product aura and product pre-announcements coupled with limited releases. It turns consumer interest into desire and passion.
Everyone wants to buy your product.
It is a practice of seeking out individuals or organizations that have a shared interest in what you or your company has to offer.
To understand this, we are again going in example-mode.
You are an aspiring singer. You upload covers of popular songs & you wish to be known among music lovers.
You uploaded a cover song of “No time to die” on YouTube & somehow you managed to connect with Billie Eilish. You asked her to watch your version.
What would happen if she shares your song on her social media accounts?
(No, I am not writing a fan-fiction. Please bear with me)
Your song will get millions of views. You are going to be an over-night success. If you keep doing great work, you might create a unique space for you in a crowded market.
At least that’s how Billie Eilish became a sleeper hit after the release of ocean eyes.
You shouldn’t under-estimate the power of shout-outs from right people.
Well, the science behind outreaching is very simple.
There are people & then, there are influential people.
And, people listen to influential persons.
I have done it and I have seen the enormous results. I will be explaining the whole thing in one of my upcoming articles.
Love may be the most popular theme in music, but money comes a very close second.
In all the above mentioned strategies, you are trying to be organic. What about spending some mullahs?
There are variety of ways you can spend money based on how to want to approach your targeted audience.
Many websites offer different forms of paid marketing, ranging from text ads, display ads, newsletter takeover, roadblocks etc.
You can put up your ad on Google Ad, Facebook Business Manager (Instagram ads included).
Some other platforms present great opportunity for paid advertisement.
In my opinion, every marketeer should learn paid advertising. This is an In-demand skill & you can make millions by managing paid ads for multiple clients.
Here comes our star performer: SEO is one of the most talked about strategy.
If you put SEO strategy in Google search box, you’d find 22,60,00,000 results.
That’s how powerful SEO is & that’s why people are writing about it.
I personally love SEO because it’s cheap, effective & it keeps you on your toes.
Whenever you have a question, you don’t go to Quora directly.
You put your query in google search box & look for the best result.
SEO is a process of planning, outlining and implementing steps designed to improve search engine rankings.
If your page ranks at position 1 or Zero, you get a tons of traffic based on the search volume of that keyword.
It is anyways important to have a clean & functional website. SEO ensures you are following the latest & best practices.
Like, say, your website is mobile friendly, readable, and has all the important elements a search engine takes into account while assigning rank.
There’s more to SEO than what I explained in last couple of lines.
I intend to make more content on SEO & its best practices.
But. meanwhile, if you want to know more, I’d let a wise man, Brian Dean guide you through it. SEO Guide 2021
Takeaway : Which ones are the best?
Well, my fellow marketers, if you didn’t know these types of marketing strategies mentioned above, it’s okay, we are not judging you!
Because this list is endless. Also, you can’t label them easily. Every organization uses a blend of different types of marketing plans to get the maximum output.
To draw the conclusion I would like to tell you every strategy has its pros and cons.
If you have a clear vision of your brand and marketing goals, choosing right plan become very easy.
In my opinion, SEO + Paid + Social media is the perfect combo for penetration & distribution. Branding is another important & imperative part.Garima Kaushik
Tweaking the strategy is as you go, gives you better results. As you brand and scope grows, you gotta find new combos & plans to stay in the business.
All in al, be critical about your time, effort & results. Document your strategies for future use.
If you enjoyed reading this article, I would really appreciate if you connect with me over the mail, social media or the comments.